BetMGM Announces It Is Ready For Monday Launch In New York

The operator will become the fifth sportsbook taking online wagers next week

A fifth sportsbook operator will begin taking online wagers in New York starting Monday.

BetMGM announced Friday it will commence operations in the Empire State, joining Caesars, FanDuel, DraftKings and BetRivers in offering New Yorkers mobile sports wagering. The other four operators began taking bets at 9 a.m. Saturday, leading to the largest launch of online sports wagering in the United States thus far.

The launch for BetMGM, a joint venture between MGM and European gambling company Entain, figures to make for an even more competitive environment as operators look to sign up and retain bettors in New York, the largest state currently allowing legal sports wagering. BetMGM has yet to say what time on Monday it will begin accepting wagers.

BetMGM ranks behind only DraftKings and FanDuel in overall market share in U.S. sports betting, per the Action Network.

“With today’s monumental news, we’ll now be able to fully activate our relationships with MGM Resorts’ Empire City Casino and Madison Square Garden. We look forward to offering customers in New York unique experiences that they can’t access on any other platform,” BetMGM CEO Adam Greenblatt said in a news release. “A huge thank you to the New York Gaming Commission as well as to our entire BetMGM team who have worked tirelessly to bring this to fruition.”

The rush to gather customers

The other four operators waiting to launch in New York — PointsBet, Bally Bet, Resorts World and WynnBet — are all expected to be up and running before the kickoff of Super Bowl LVI on Feb. 13.

On the first day of mobile sports betting in New York, bettors Saturday placed more than 300,000 wagers in the opening hour of the state’s debut, according to geolocation security firm GeoComply. In total, GeoComply recorded transactional volume of 17.2 million during the first weekend of online sports wagering in the Empire State, an unprecedented figure in the short history of the U.S. legal sports betting market since the Supreme Court’s historic PASPA decision in 2018.

New York has a 51% tax on gross gambling revenue on sports gambling, tied with New Hampshire for the highest in the nation, meaning profitability for books within the state will be dependent on high volume. Operators already have offered deep discounts and enticing promotions to snag bettors.

New York has not yet reported numbers from its first weekend of online betting, but it’s expected to far exceed the handle of the four in-person sportsbooks in the state.

Photo: Mitchell Leff/USA TODAY


Related Posts